A loan workout or loan modifcation is an agreement that is negotiated with your current lender that changes the terms of your current loan. Lenders are willing to negotiate when borrowers are facing financial difficulties and can’t obtain other financing alternatives. You must show the lender why it would be in the lender’s best interest to agree to a workout arrangement. If convinced, a lender may be willing to reduce the loan interest rate, reduce monthly payment amounts or change other loan terms.
A loan modification generally occurs where the parties to a problem loan mutually agree to workout the problem by creating new and better loan terms. The hope is that the new loan will enable to the borrower to meet their obligations.
When applying for a loan modification, make a game plan on how exactly you are going to approach them. These people are trained in minimizing loss for their company and they get paid to by getting the most amount of money out of you as possible or declare that your case is un workable and foreclose on you. That is how they mitigate loss. If you understand this, then you’ll know that you have to approach them and all conversations very carefully. Everything can and will be used against you.
Items You Will Need When Applying For a Loan Modification
Document income and expenses. Keep all correspondence (even the envelopes) Before negotiating a deal, gather all the information you need, starting with any correspondence from your lender. That includes anything that you have unopened from the lender. Don’t throw away envelopes from the servicer — postmarks sometimes can make the difference between being eligible or ineligible for relief.
Collect everything that relates to income and expenses. Find your last four pay stubs. They want to see at least one month of income. If your income is very sporadic, the support your story by showing how you’re getting paid so we can calculate an average over time. Gather at least three years worth of W2s and tax returns, plus three to six months of bank statements. Find all the mortgage paperwork and add that to the file. Pull together all bills, paid or not, from the times you were falling behind on the house payments until now. Include utilities, auto payments, credit cards, student loans, child support, medical bills. Find the winter and summer heating and cooling bills. You need to also include everything that documents why you fell behind. An employer’s notification of reduced hours or a layoff, an invoice for an auto repair or a furnace replacement, a shutoff notice from a utility.
What to Do When You Call Your Lender:
Your lender has two platoons of employees who talk with delinquent borrowers. The first is the collections department, which consists of people who try to pry money out of you and get you current on the payments. The second group consists of the loss mitigation specialists. These departments go by different names, depending on the servicer, including foreclosure prevention, loan resolution and delinquency customer service. We’ll use the most common name for the department: loss mitigation, or loss mit. It can be difficult to get through to the loss mitigation department if collection agents are discouraged from transferring calls. This is one of the benefits of having a helper, such as an attorney or a housing counselor. The first will intimidate bill collectors and the second might have contacts within the loss mit department.
The trick with any bank and getting a work out done is learning to navigate their phone system so as to increase your chances of getting a live person. Over the years Ive learned some tricks that help, sometimes you hear options that you know will lead to a person like when it says “to speak to a representative press ___” but sometimes they don’t give you these options (cricket wireless is the worst at this) so you have to think, what options WOULD get a live person. For example often anything that involves new clients signing up will get a live representative…cause they always want new business. You have to be a little savvy though, you cant just tell the sales guy you called them so you could get a warm body to answer the phone!
Once you get a live person, you want to be working your way up to a decision maker. This is sometimes harder to do for a homeowner than a 3rd party. Often with the homeowner they get stonewalled at the first level, and sadly the first tier in Loss Mitigation is really a glorified collections department. They are paid hourly employee’s who have very little if not zero motivation to go the extra mile and help you get some needed comfort and relief while resolving your problem. Often they just compound the problem by being rude and demanding, telling people things like “just pay your bills”. So its essential that you get beyond these people and to a specialist.
Sometimes to get to this point you have to put up with the hourly employee’s through a process of filling out their forms and information. Providing them with items such as pay stubs, tax returns and a whole host of financial information. Once everything is provided, then some lenders will assign the file to someone higher up in the loss mitigation department.
The MOST crucial element to this whole process is your Budget and if you have dome your due dillegence, you’ll be ready 
. They will ask you for a detailed list of your monthly expenses. If its too tight, you may not get approved, if you have too much extra income you are going to have an outrageous payment plan. Don’t agree to it!
The 2nd MOST important thing you can do is DO NOT SPEND YOUR HOUSE PAYMENTS. Often people stop making their payment because they are falling behind on other bills, or they cant quite make the whole house payment. Over the years more often than not, the people I met with still have an income coming in each month, they just cant meet all their obligations, so while the house is falling behind they take advantage of the fact that they aren’t paying the house payment in order to catch up on other debts. THIS IS NOT WISE AT ALL. Sock away as much of that money each month as you can. Its crucial to getting approved for a loan modification, heres why;
If you don’t pay your mortgage for 3-4 months and your lender decides to negotiate a repaymenyt plan or a loan modification, then they will want what is called “good faith” money for you to come to the table with. Typically this is from 30-75% and sometimes 100% of what you owe in delinquent fees and attorney fees. Often I speak with homeowners who spend all their money and have nothing to work with. If that is the case, then don’t expect them to work with you or you better have a REAAAALLLY god explanation and proof as to why you have no money to bring to the table during the loan modification process.
We all know life throws curve balls at us, its the nature of the game, you’d better just expect it, cause its coming in one form or another. Whether it be a car breaking down, an illness, injury or death. An accident in a car, you just don’t ever know and its ALWAYS a good idea to have a rainy day fund. The crazy thing about going into foreclosure is that you can actually come out of it better off than you went in sometimes.
Is it Better to Just Walk Away and Start Over?
Many homeowners are just in over their heads. Many they love their home and their family does too. But what good is it when you are so stressed out that you cannot enjoy your home. Your maxed out and you don’t have a dime to take the kids for an ice cream or the movies. That’s no way to live. This is a serious time to really sit down and see if it’s all really worth the stress and heart ache. If it’s not then maybe it’s time to just thorw in the towel and down size. Get something you can afford and enjoy. Just close the door on this time in your life and move on. Sure, it will affect you for years, but place your health and well being before making a house payment. If this is you, you’re not alone. Think about it. Is it all really worth the pain and stress? You’re already down, maybe it’s time to just move on and take that money and get a nice little place to rent and regroup.
By saving up your payment for 2-3 months or more depending on the foreclosure time line in your state, you can not only have enough to put together a really nice plan with your lender, but also have some in the bank for a rainy day or worse case scenario, a rental. Often payment plans with the bank can be pricey and very short terms, like 6 months total to repay what you fell behind on. The people iI have worked with who took my advice to save up and keep some funds in the bank, were successful 100% of the time at keeping their home. Because they were prepared for life’s curve balls. Even though they had fallen behind in the past, if they had an expense one month, they just pulled a little from the slush fund in the bank to help supplement their house payment that month.
The Lender Has Made You a Deal, What Now?
Respond to your lender, but don’t be rushed into making a promise that you can’t keep. Before making a deal with your lender, describe your situation to an attorney, accountant or a knowledgable mortgage person. You need to make sure that it is reasonable and not an agreemnet that will stop foreclosure for a month or two.
Many lenders are likely to offer a forbearance. Theses are only good for a short term band aid and not for the long term. Most commonly, this entails adding a set amount to each month’s payment. A forbearance plan can go as long as 36 months. But many are set to fail and are completely unreasonable for borrwers to pay back. Usually this will require palcing the delinquent amount on top of your monthly mortgage payment. If you had trouble making your mortgage payment before, good luck paying your new larger more unaffordable payment.
If all else fails, seek out a third party to handle this for you. There are many non-profit housing counselors, attorneys and for profits that are very experienced in loan modifications and loan workouts.
Plan to arrive at an agreement, but prepare for the unwelcome news that you’ll have to move out. If you turn over the deed in lieu of foreclosure, or agree to a short sale (in which the lender lets you sell the house for less than the mortgage balance), or are forced out in a foreclosure action, you’ll need to consult a lawyer and maybe an accountant.
Don’t give up and fight to stop foreclosure and save your home! If all efforts fail, it’s not the end of the world. Just make sure that you mitgate loss to you and do your best to save what little credit you have left.
Good Luck!
Moe
Founder & Homeowner Advocate
LoanSafe.org
LoanWorkout.org
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Great find, Moe… that sure does add some insight into how Wells Fargo amd many other top industry leaders were thinking as they cashed their fat checks.
Thanks Paul! What amazes me about this article is how he said “The reason we do 3/27 and 2/28 loans (with low introductory rates) is they typically go to another product because they have made their payments.”
That sums it all up right there. Typically that used to happen. NOW, HOMEOWNERS ARE STUCK IN THESE LOANS WITH NO WAY OUT!
Hi Moe, you are doing a great service to all the homeowners in the world. In this particular section you say “They will ask you for a detailed list of your monthly expenses. If its too tight, you may not get approved, if you have too much extra income you are going to have an outrageous payment plan.” Can you explain as to what your idea of “too tight”is? I am about $1,500 short if you count all my current obligations and income, and I want to know if that is considered too tight, or not tight enough, for WFB, in your opinion. Please advise. Thanks.
Thanks Kat!
Without knowing all the other figures, it would be really tough to give you advise. You can let me know or call 888-995-HOPE and they will go over everything and assist you in dealing with your lender.
I would say $1500 short is actually more than tight. That’s strangulation by mortgage.
Let me know what I can do or 995 HOPE can do for you.
Best Regards,
Moe
Thanks Moe! Is there a direct way I can email you? Or do you prefer that I call the hotline? I have to respond to them by the 9th so I am just reviewing my figures for accuracy now, so as not to risk not getting approved AND/OR getting approved at too high a payment amount.
My pleasure. You can email me at moe @ loansafe. org. Whatever you like. Maybe do both.
WELLS FARGO, dba,
AMERICAS SERVICING COMPANY
TURNING THE AMERICAN DREAM INTO A NATIONWIDE NIGHTMARE
My lovely home of seventeen years is up for a Sheriff’s sale on October 3, 2007. My home. I pray Disaster Relief is made available immediately for families in crisis. For a record number of home owners, the American dream is currently a nightmare.
Wells Fargo dba American Servicing Company (ASC) hopes to take my home. The balance on my loan is very small, less than half of the home’s appraised value. My mortgage payments are low, I can afford them, and I have always made them on time. My mind spins as I try to understand how something like this can happen. But the truth is nothing is for certain.
Last February, I received a letter from ASC. Effective immediately, my mortgage payment increased 200%! I called Customer Service and was told my payment increased due to a negative balance in my escrow account. I told them they didn’t escrow on the account, had never escrowed on the account, and I confirmed with them my monthly mortgage payment would not change. They told me I would receive a letter confirming the details we had discussed within 7 to 10 days.
I was to learn letters with good news never came. Somehow the letters threatening foreclosure were relentless. At first I tried to talk with the same employee who had promised me he had “noted everything in the record” and “he had discussed my account in detail with his supervisor to make sure all the problems on my loan had been fixed.” agent who just promised you all was taken care of arrived confirming assured me over and over and over, that yes, definitely this time, they had truly made the corrections I thought had already been made. And they definitely would be reinstating my loan, the one I thought had already been reinstated. I was always told I would receive a letter confirming all was well with my loan. But the promised confirmation letters never came. And I always ended up calling Customer Service again,
November, ASC suddenly, without reason, began to escrow on my loan. They had never escrowed before. I didn’t receive any notification or indication that they planned to begin to escrow. But their error, and they do readily admit it was their error, was not But ASC paid two additional property tax property tax two more times, and paid the annual premium for home owners insurance. I always paid them monthly. .
On August 14, I was told, again, my loan had been reinstated. While waiting again for another confirmation letter that never comes, I call them again. I I didn’t contact anyone else for help because I didn’t think I needed to. ASC was always so sorry after they didn’t follow through on one of their promises. Then they reassured me all was well. I was very stupid.
But ASC made an error, and that’s OK. But their error, and their inability to quickly correct their error, I might lose my home. My home
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argo to Foreclose on 5,000 Homeowners | Loan Modification & Loan Workout News thanks for this post! Andy
It is very fustrating. My husband and I re-financed our home 3 yrs ago with Wells Fargo, (before 2005), we have been in our home for 10 years. We had hoped we could re-finance our home before our loan adjusted which it did adjust on 11-3-2007. We could never re-finance because somehow our home would not appraise for what we owed. Go figure, how Wells got it to appraise for so much I will never know. We have been in Loss mitigation for 5 months now with no results. Our payment now is more than we can pay and still have living expenses (and I am talking about things like utilities and groceries). The only thing that qualifies us for this plan set forth is our credit score which has been trashed by all this. All we asked Wells to do was give us a fixed rate and add some years to mortgage which they refused to do. We could have kept house and they would still get their money. Mind you we are not stupid people who bit off more than we could chew. We really thought we could re-finance before the adjustment. We had almost perfect credit before all this drama. Maybe we should have just filed bancruptcy 3 years ago instead of re-fincing house to consolidate bills. I think we would be better off today, and that is a shame. Oh yea , our loan also re-sets every six months now. I am about to hand over the keys. I am sick of it.
I just found out that Wells Fargo is the mysterious investor who needs to be contacted to modify my loan with Countrywide. What does this mean I wonder. Wells Fargo didn’t participate as vociferously as other lenders in the toxic slime fest but they bought the loans from other participants?
Kelly, what happend to you is truly tragic. One item you may not be aware of is that lenders love to foreclose on properties with a lot of equity its a win for them. I am always highly leveraged on my mortgages (to the max) which puts me in better negotiating position, the lender doesnt want my house they cannot make any money on it. It never pays to have to much equity, plus equity in your house has no rate of return. Think of this, had you had your money set aside earning you a rate of return you could have made the payment and gotten an attorney to help you with a law suit which I am sure you would have won. I am only in favor of equity accelaration for the purpose of repositioning equity as soon as possible. If your interested about learning how to improve you finances and utilizing a mortgage as a financial tool check check out http://www.dollardestination.com. I wish you all the best and hope you still have your home.
Gabriele,
I so needed to read your caring post just now. I read ones from people who think I’m just trying to get a free home, and I cry. This has been such a long fight.
I wish I could get that equity out before the sheriff sale on 1-02-08.
I will look at your dollardestination site. God Bless, and thank you for caring enough to write.
before I brougth my house my rent was about $1600 the broker was told me your morgage will less then that I told her I cant close without a comment letter she told me if I refused to close Iwill lose my $19000.00 at the closing table I know my payment is about 2,772 after she make fake checks fake banck stement money I never had now she told me to move out without court order and he’ll pay me back in the side I said no now she send me to forclosure I need justice
I am in this mess right now, Wells Fargo bought my loan from another Broker who now is Closed, Guardian Loan Co. is headquartered in Clifton Park,NY. I was not explained all the stips on all sheets, being a first home buyer. I saw a loan breakdown sheet showing me my payments for the next 30 years, all seemed all explained. After the 2/28 adjusted, whoa I cannot afford it. $534 more a month. Well, make it short, im in a loan modification now, waiting approval, but they are dragging. All payments I make are late, charges are mounting. I am like, they are not here to help, they are here to mess with your mind. I want to see the original papers I signed, I want to take this and turn the tables on the Bank, I am not giving up, I want my house, but i refuse to let them make me feel I made this mistake. Im relaxed, its them who need to worry, help me find a way to turn these tables, I know they made a mistake somewhere, someone has to find the loophole.
Moe is in the know
Would people that didn’t have any savings and bad credit be out looking for a house in the real world? They purchased a home with a liar loan. They or their mortgage broker lied to get these loans. Everyone Lied.
A banks Job is to assess risk. So the banks new everyone was lying. The banks new there would be defaults. They packaged this junk into SIV’S (Structured Investment Vehicles) and sold them to investors. They took the profits and transfered the risk. Now the investors are getting burned and it’s down to the lawyers. It’s a mega greedhead, ultra scam, train wreck. Who out there wanted a loan that had no chance of adjusting down only up. No one. Any broker that sold one of these just told the client you can’t qualify for anything else, come back and we’ll fix it when the prepayment penalty is gone. A churn for them, yet another burn for you. Had this filthy rubbish been regulated the creeps that conjured up this crap would not have had the opportunity to rape and pilage and entice brokers( by rewarding them with more money) to pedal this snake oil. Had these products not been available the trap would not have been set. Moe Knows
Wells Fargo makes a fortune screwing people through their fraudulent servicing practices. Bogus late fees, not posting payments, lying through their teeth about everything, charging ungodly repayment plan downpayments, giving 10 day deadlines but you receive the letter on day 9, sending conflicting information in separate letters from 2 different departments on the same day, kicking people off of repayment plans for false made up reasons and then requiring the whole application downpayment process begin again for a new repayment plan only to be kicked off again for nonpayment when you are holding the canceled check in your hands……..
This was my life from 11/08/2004 until 3/13/06…I gathered up all my canceled checks, Wells Fargo letters and every other piece of evidence I had and hired an attorney. Wells Fargo fleeced over $25,000.00 out of me during their reign as financial terrorists. They ruined my credit and attempted to bleed me dry. They disabled my credit options so I couldn’t refinance away from them. No matter how much I paid to make the foreclosure go away it never did. They just wanted more and more and more and dangled their foreclosure complaint over my head the whole time.
After months of going the legal route they finally realized we meant business and they were going to lose big time if a jury heard our story and looked at our proof. They offered a ridiculous settlement offer which did nothing but insult us. Finally as the trial date neared they offered to give us all of our money back, fix our credit, waive all fees and interest from 10/04 to now, rewrite our loan at a much lower fixed rate, dismiss their foreclosure complaint and pay our attorney fees.
Have they ponied up on their promises?? Hell no. They are liars and cheats and swindlers. They have delayed the settlement for nearly 3 months and I’ve drawn the line.
I informed my attorney to notify the court we are going foward with our case. Time’s up you lying scumbags….see you in court.
here’s the link to see where Wells was in originations of sub prime. In Q3 07 they were #1. From everything I read the banks are definitely not showing losses on the books. Look at the newspaper… WAMU, Wells, B of A have been doing a great ad campaign to get more people to open Savings, Checking Accts. Guess Why????? NO CAPITAL……. I’m beginning to think the safest place for you money is under your mattress…
http://data.nationalmortgagenews.com/freedata/?what=bcor
Wellsfargo really doesnt care if you lose your home they are only out to protect their own name. I called them 10 months before i knew i was going to have a problem with my mortgage. I did explain to them that I
fell and did hurt my arm and did get a staff infection and to do something to save my home before i get in trouble.Remenber 10 months before.What was said to me call back a month before you cant pay.Well now im 5 months behind and losing my home.I was lied to twice about my loan modification the terms were changed do to attorney fees that were to put on my payments.I was told that i was to only make my 6.0% mortgage payment for 3 payments of 3072.00 and the forth payment would be modified on the phone and this person name is Barbra who works for the collection dept for wellfargo modification dept.Well after getting the terms in the mail i did notice my 1st payment was 3072.00 but my next two were 3778.00 because they tact on attorney fees.But for some reason that was my old mortgage payment but they did tell me those are attorney fees bullshit.Ive been working with company for ten months and they only care about thier best intrest because they are a large company and can.Dont be fooled by these jerks.Because if you believe them like I did you will losing you lifes savings like me because no one in a large corperation really cares.My advice to anyone who gets hurt like me that caused this hardship dont trust your mortgage people because they are onle trained to say yes until they take your home.O ya you will also never deal with the same person it will be 20 millon other people.And you will always get a diffrent answer so record everyhting that is said and dont tell them your recording and you will see how many diffrent answer you will get.Wellsfargo does really suck.
IF someome from wellsfargo does really care they should contact people who are in foreclosure and bring down intrest rates to help those who can really afford to keep their homes today in stead of being so @#$%greedy.Bacause idid send in my hardship letter and bank statements and tax forms and everything that was asked from me to only talk to twenty diffrent people who all told me something diffrent was not right..And the last person who I talked to hung up on me and her name was KYE and she works for the loss modification dept.And I also spoke to DEBRA in the same dept but was nice but only trained the way wells fargo wants her to be .then I spoke to JANETT hell no answers but only to say o well we cant lower your payment.and raising her voice every time i said something.well guess you will have to move.And I spoke to Flouand john and mark and justin and alice and babra.ALL DIFFRENT ANSWERS…I GUESS I WILL HAVE TO MAKE THIS PAYMENT TO KEEP MY HOME BUT I LOST EVERYTHING ELSE MY CARS CREDIT CARDS AND MY CREDIT AND MY LOAN IS STILL NOT MODIFIED AND I AM STILL IN FORCLOSURE I THOUGHT IT WAS THE FEDRAL LAW TO HELP THOSE THAT NEED HELP……
DON’T TRUST WELLSFARGO UNLESS THE CAN PUT WHAT THEY SAY IN WRITING FIRST AND IF SOUNDS TO GOOD IT IS…THEY CANT HELP YOU LIKE THEY SAY.
DON’T TRUST WELLSFARGO UNLESS THE CAN PUT WHAT THEY SAY IN WRITING FIRST AND IF SOUNDS TO GOOD IT IS.
I FORGOT TO SAY THIS I DID TRY TO REFINANCE MY HOME LOAN AFTER I FELL AND DID TRY TO PUT MORE MONEY DOWN BUT THERE WAS NOT ENOUGH EQUITY LEFT IN MY HOME BECAUSE TO MANY PEOPLE IN LASVEGAS LEFT THEIR HOMES.WHEN I DID CONTACT WELLS FARGO THEY TOLD ME SORRY WE CANT DO NOTHING EVEN THOUGH WE GAVE YOU THIS BAD LOAN. WELL WELLSFARGO IF I CANT STAY AFLOAT YOU WILL JUST HAVE ANOTHER EMPTY HOUSE AND I PROMISS I WILL TAKE EVERYTHING OUT THAT I PUT EXTRA IN INCLUDING THE LAWN.YOU WILL ONLY GET THE SHELL. O YA NICKIE MY LENDER FOR WELLSFARGO SOLD ME THIS LOAN AND MY CREDIT WAS GREAT WELL INTO THE 700 HUNDREDS AND SHE SAID THIS IS THE BEST LOAN.SHE LIED AND I HOPE SHE GOES TO JAIL FOR BEING A ASS FUCK LIAR AND A THIEF TO FILL HER OWN POCKETS.
Well I must say what an array of problems…I have attempted to short sale 4 houses in tampa, florida over the last year and what a disaster…and all I am doing is trying to keep the borrowers out of foreclosure and get the properties off WF’s books but these people are impossible…case in point right now, I have a house that has mold, termites, repairs galore, next to a Phone Truck Plant and I have had it up For Sale for 69,000. and now 49,000. for over 4 months without one serious buyer and I offered WF 58,000. and they keep insisting the house is worth $100,000. and they did the appraisal from their offices without coming out. WF/ASC is going to have more REO properties than they’d like real soon.
My home is not worth the stress anymore. I am getting a U-Haul and I am loading everything up. Im taking all my window coverings and blinds. Im taking all my appliances and air conditioner. Im pulling up my grass and my beautiful trees I planted. I am scraping up my extremely expensive garage floor epoxy coating. I would take the carpet too but my dogs peed all over it. I am moving down the road a bit to an even bigger and newer house that has never been lived in before. The rental payment is only half of what my mortgage payment is. I wasnt born yesterday. Good Bye ASC (Wells Fargo) good riddence. PS: I hid the keys, have fun finding them. Oh and by the way ASC be sure to disclose to the new owner that the house has a documented mold history. You wouldnt want to get sued now. JB Lawrence.
[...] Submitted by JB Lawerence - Soon to be an ex-homeowner [...]
We are victims of Wells Fargo bait and switch mortgage. Adamant about having a fixed 30 year loan and being pre-approved for such, at the closing table, the documents revealed a 30 year loan with 1st 10 interest free. That means payments double in 10 years. It IS a subprime loan. Our FICO is rated A. Walking away was NOT an option as that week movers were showing up to pack us for the cross country trip. To not close meant losing the house, and the job/promotion we were moving across the country for.
Now Wells Fargo won’t let us refinance through them…they use Zillow online (don’t have to tell y’all why that is wrong) for their appraisal, and our appraiser says the house is work 80k more than we owe. Wells Fargo insists it is worth 70k less than we owe. We are hoping a mortgage broker can help. There should be criminal repercussions for the bait and switch game. Wells Fargo insists it’s the broker’s fault, but they’re the ones that did the change at the last minute ,when they knew we couldn’t walk away. They had 2 months to let us know the terms were changed. We were told we qualified carrying 2 mortgages (our old house hadn’t sold yet), just that our fixed interest rate would be lower if we sold the other house before closing. Nowhere at no time did they say they were going interest only until they snuck it into the paperwork. The truth in lending does not resemble what we were given at all. (umm….30 year fixed does not equal interest only in any definition).